Novarese Balance Sheet

Financials in millions JPY. Fiscal year is January - December.

Millions JPY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Cash & Equivalents	1,859	3,548	1,719	2,803	2,246	1,636
Cash & Short-Term Investments	1,859	3,548	1,719	2,803	2,246	1,636
Cash Growth	-9.58%	106.40%	-38.67%	24.80%	37.29%	-30.65%
Receivables	434	463	402	290	229	91
Inventory	306	255	241	230	200	18
Prepaid Expenses	-	54	67	-	-	-
Other Current Assets	213	61	95	199	489	406
Total Current Assets	2,812	4,381	2,524	3,522	3,164	2,151
Property, Plant & Equipment	17,448	16,050	15,820	14,718	14,753	10,106
Long-Term Investments	1,191	1,112	1,051	960	1,283	-
Goodwill	11,203	11,203	11,203	11,203	11,203	-
Other Intangible Assets	122	85	71	68	76	8,887
Long-Term Deferred Tax Assets	2,011	1,898	1,630	1,506	2,145	-
Other Long-Term Assets	2	3	2	3	2	1,758
Total Assets	34,789	34,732	32,301	31,980	32,626	22,902
Accounts Payable	1,687	1,701	1,427	1,358	1,191	316
Accrued Expenses	-	435	408	-	-	-
Short-Term Debt	3,694	1,770	1,551	13,068	3,646	3,576
Current Portion of Long-Term Debt	-	2,411	1,848	-	-	-
Current Portion of Leases	-	1,000	982	-	-	-
Current Income Taxes Payable	18	997	662	179	25	-
Current Unearned Revenue	-	5	-	-	-	-
Other Current Liabilities	4,119	1,326	1,299	3,288	3,205	2,715
Total Current Liabilities	9,518	9,645	8,177	17,893	8,067	6,607
Long-Term Debt	8,890	9,347	9,688	1,058	12,949	13,485
Long-Term Leases	-	4,822	4,937	-	-	-
Other Long-Term Liabilities	7,437	2,073	1,322	5,795	6,023	1,119
Total Liabilities	25,845	25,887	24,124	24,746	27,039	21,211
Common Stock	30	100	100	100	100	1,691
Additional Paid-In Capital	1,469	6,150	6,150	6,150	6,150	-
Retained Earnings	7,364	2,529	1,865	923	-733	-
Comprehensive Income & Other	81	66	62	61	70	-
Total Common Equity	8,944	8,845	8,177	7,234	5,587	1,691
Shareholders' Equity	8,944	8,845	8,177	7,234	5,587	1,691
Total Liabilities & Equity	34,789	34,732	32,301	31,980	32,626	22,902
Total Debt	12,584	19,350	19,006	14,126	16,595	17,061
Net Cash (Debt)	-10,725	-15,802	-17,287	-11,323	-14,349	-15,425
Net Cash Per Share	-428.45	-632.08	-691.48	-452.92	-114792.00	-
Filing Date Shares Outstanding	25.07	25	25	0.13	0.13	-
Total Common Shares Outstanding	25.07	25	25	0.13	0.13	-
Working Capital	-6,706	-5,264	-5,653	-14,371	-4,903	-
Book Value Per Share	356.72	353.80	327.08	57872.00	44696.00	-
Tangible Book Value	-2,381	-2,443	-3,097	-4,037	-5,692	-
Tangible Book Value Per Share	-94.96	-97.72	-123.88	-32296.00	-45536.00	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.